Binance is fighting to stay alive. As people pull billions from the exchange due to unconfirmed FUD, the world’s top crypto exchange isn’t worrying. It is still business as usual, starting with a clean sweep of 4 less popular tokens. This Thursday, December 22nd, Binance has confirmed they will be removing $MITH, $TRIBE, & $BTCST cryptocurrencies from their exchange.
Why the removal?
No reason was given. However, it is likely due to the utility of these tokens and a perceivable risk to the exchange’s customers.
Details of the 3 Tokens
TRIBE Dao ($TRIBE) is technically no longer functioning according to Coin Journal. Tribe DAO and Fei Protocol were building this token out with collaborated efforts, until a few months ago, when it was all canceled. After the Rari hack, both groups recommended that anyone with Tribe-DAO related contracts withdraw them.
Bitcoin Standard Hashrate Token ($BTCST) was a project to collateralize the BTC hashrate. One token represents 0.1 TH/s of Bitcoin mining power. This token seemed to be more of a fancily written white paper with no true utility.
Mithril ($MITH) was a top 20 Erc-20 token at one point. In 2018, it was highly touted as a visionary social media platform project that would function from ‘social mining.’ Users of the Mithril project would gain tokens by creating new content. Unfortunately, the platform never took off.
Binance Delisting Inactive Coins
All 3 projects are stale. They have never had rolling utility, simply good ideas that never completely materialized and became popular. Ahead of many, but not quite as good as some of their predecessors such as SHIB, DogeCoin, or Matic.
The move to delist Mithril, TRIBE Dao, and Bitcoin Standard HashRate tokens appear to be a continued effort by Binance to delist inactive cryptocurrencies that add nothing to the crypto world.
Though no one should have money still locked into these tokens, the Binance delisting could upset the few people who hope a new pump could happen. Taking the tokens off the top crypto-exchanges will substantially lower their trade activity. Being listed on Binance gives over 120-million people the ability to buy or sell a token.
For the exchange itself, this is a great sign. Pruning inactive tokens keeps its users safe from certain risks and helps with the evolution of crypto in general.
